When starting a new business, there’s a lot of research that needs to be done. You might think you know what to expect but, undoubtedly, the unexpected will come up. The more you prepare, the more ready you’ll be react.
To make your venture into self-employment successful, we’ve compiled a list of five things every new business needs to look out for.
Don’t underestimate your startup costs
It’s vital that you have enough money in the bank to be able to fund your operations for the first few months. It will take a while to get things off the ground and you might have to be patient. With a contingency fund, you’ll be able to ensure that this doesn’t derail your plans before you really have chance to begin.
You will need to hire help
Don’t think you can do this on your own. What was once a 40-hour working week in a job could easily balloon to become more than 60 hours of work a week. These extra hours will be taxing for both your physical and mental health, so don’t be afraid of hiring people to help you out. Whether you get freelance or contractor support, of take on an employee, an extra pair of hands might be all you need to be able to do the work required to unlock success as a startup.
Services that you might need could include admin and accounting—there’s no reason why you should be an expert in this after all—or writing marketing materials and content for your website. You definitely need to be able to pay your bills and taxes properly—and persuasive content from someone with conversion copywriting skills is definitely useful in a digitally focused world.
Cybersecurity risks
Cybersecurity is now a daily concern for many businesses, with breaches continuing to threaten networks and systems all over the world. These breaches come with severe consequences, both in terms of money and data. Cybercriminals are clever, so it’s important that you have a responsive plan in place and keep your private information and network-protected. Make sure everything is password-protected, you have updated your systems regularly and don’t skimp on security solutions.
Customer service is important
As a business owner, you need to understand how important customer service is. Your customers don’t just pay the bills—they help to establish and grow your reputation.
Create that perfect relationship with your customers and remember it’s not necessarily your product or service that’ll make a customer remember you, it’s how you make them feel when you interact with them.
You need to put the effort into marketing
When it comes to business, marketing isn’t optional because, without it, nobody knows you’re there. This will take time and effort and may result in a bit of trial and error but stick with it—if you won’t blow your own trumpet then no one else will.
Avoid These 9 Mistakes Small Businesses Make During Their First Year
10 Prevailing Myths of Business Ownership
The Tyranny of the Urgent